Dexus · ASX:DXS
Dexus — DEXUS Property Group — Shareholder Meeting (November 2012)
66 slides from Dexus's shareholder meeting presentation, Nov 5, 2012
Slide 1: 2012 Annual General Meeting Chair's address
DEXUS Property Group (ASX: DXS) ASX release 5 November 2012 For personal use only 2012 Annual General Meeting Chair’s address Good afternoon ladies and gentlemen, I am pleased to welcome you to the 2012 Annual General Meeting today. My name is Chris Beare. I am the Chair of the Board of Directors of
Slide 2: New CEO and FY12 performance
DEXUS Property Group (ASX: DXS) ASX release New CEO and FY12 performance The last 12 months has seen a transformation of DEXUS Property Group with the appointment of a new CEO, a review of our business and property portfolio and the development of a revised strategy including For personal use only a
Slide 3: Corporate Responsibility and Sustainability
DEXUS Property Group (ASX: DXS) ASX release Consistent with changes to the executive remuneration framework, the Board has also determined that it would be appropriate for Directors and management to hold DEXUS securities in the future, providing increased alignment to investor interests. From 1 Jul
Slide 4: Conclusion
DEXUS Property Group (ASX: DXS) ASX release We are dedicated to continuing to support and encourage diversity of all kinds at all levels – the Board of Directors, the senior management team and throughout our organisation. Conclusion For personal use only In conclusion, we are committed to developin
Slide 5: FY13 initiatives
DEXUS Property Group (ASX: DXS) ASX release FY13 initiatives In FY13 we are focussed on a number of initiatives that align to each of our strategic objectives. For personal use only Pleasingly over the past six months we have implemented several of these initiatives and execution momentum has been e
Slide 6: Strategic office acquisitions and balance sheet
DEXUS Property Group (ASX: DXS) ASX release our balance sheet remains strong with limited short term refinancing requirements and in April we revised our distribution payout ratio to 70-80% of FFO effective from FY13 in our third party funds management business, our funds ended the year as top q
Slide 7: 2013 outlook and guidance
DEXUS Property Group (ASX: DXS) ASX release With no debt facilities maturing until September 2013 and with current undrawn debt of approximately $400 million, we are well positioned to respond to any changes in debt markets and also have the capacity to redeploy funds into value enhancing acquisitio
Slide 8: 2012 DEXUS Property Group Annual General Meeting
2012 DEXUS Property Group Annual General Meeting For personal use only DEXUS Funds Management Limited ABN 24 060 920 783 DEXUS AFSL Property 238163 Group 2012 as responsible Annual entity General for DEXUS MeetingGroup Property — Slide 1
Slide 9: Chris Beare, Chair
CHRIS BEARE Chair For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 2
Slide 10: Darren Steinberg, Chief Executive Officer
DARREN STEINBERG Chief Executive Officer For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 3
Slide 11: Elizabeth Alexander AM
ELIZABETH ALEXANDER AM For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 4
Slide 12: Barry Brownjohn
BARRY BROWNJOHN For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 5
Slide 13: John Conde AO
JOHN CONDE AO For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 6
Slide 14: Tonianne Dwyer
TONIANNE DWYER For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 7
Slide 15: Stewart Ewen OAM
STEWART EWEN OAM For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 8
Slide 16: Richard Sheppard
RICHARD SHEPPARD For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 9
Slide 17: Peter St George
PETER ST GEORGE For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 10
Slide 18: DEXUS Board of Directors
DEXUS BOARD OF DIRECTORS For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 11
Slide 19: 2012 Annual General Meeting
2012 ANNUAL GENERAL MEETING For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 12
Slide 20: Chair's Address
CHAIR’S ADDRESS TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 13 General Meeting — Slide 13 Annual
Slide 21: Current market conditions
CHAIR’S ADDRESS Current market conditions For personal use only Challenging operating conditions continued to impact business confidence in FY12 Uncertainty contributed to subdued tenant demand in property markets Longer term market fundamentals remain sound — National CBD office market occupa
Slide 22: New CEO and FY12 performance
CHAIR’S ADDRESS New CEO and FY12 performance For personal use only FY12 was a year of transition and refocus DEXUS total security holder return to 30 June 2012 — Darren Steinberg appointed CEO 1 March 2012 14.1% 15% 12.2% 12.3% 11.0% — Strategic review of business and property portfolio 10% — Crea
Slide 23: Remuneration framework
CHAIR’S ADDRESS Remuneration framework For personal use only Post the unfavourable response to the 2011 Remuneration Report we completed a full review of our remuneration framework Have proposed a new remuneration framework that is being voted on today — Aligns incentives for management with rev
Slide 24: Corporate Responsibility & Sustainability
CHAIR’S ADDRESS Corporate Responsibility & Sustainability For personal use only Completed $31 million NABERS Energy upgrade program across the DXS office portfolio — NABERS Energy rating of 4.3 stars and NABERS Water rating of 3.3 stars at 30 September 2012 — On target to reach 4.5 star NABERS Ene
Slide 25: Changes to the Board and corporate governance
CHAIR’S ADDRESS Changes to the Board and corporate governance For personal use only Richard Sheppard joined the Board on 1 January 2012 Darren Steinberg joined the Board on 1 March 2012 Board is committed to leading corporate governance and social responsibility practices Board strongly supp
Slide 26: Conclusion
CHAIR’S ADDRESS Conclusion For personal use only Committed to creating superior value for investors and stakeholders FY12 was a year of refocus for the Group We will continue to work with management to achieve our strategic objectives for FY13 We expect both the Australian office and industr
Slide 27: CEO's Address
CEO’S ADDRESS TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 20 General Meeting — Slide 20 Annual
Slide 28: DEXUS's current position
CEO’S ADDRESS DEXUS’s current position For personal use only 1. Excluding cash. 2. At 30 June 2012, adjusted for the office acquisitions and the impact of NPS partnership. DEXUS Property Group 2012 Annual General Meeting — Slide 21
Slide 29: Strategy overview
CEO’S ADDRESS Strategy overview For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 22
Slide 30: FY13 initiatives
CEO’S ADDRESS FY13 initiatives For personal use only Execution momentum established through the following initiatives: — Sale of the US central portfolio — Implementation of a business restructure — Establishment of a new capital partnership with the National Pension Service of Korea (NPS)
Slide 31: Target composition and markets
CEO’S ADDRESS Target composition and markets For personal use only Exit from non-core offshore markets Concentrate on core Australian markets Maintain strong balance sheet and high credit ratings DXS portfolio composition target1 DXS target markets 8% 10-20% 22% 80-90% 70% Current allocation 2
Slide 32: FY12 key achievements
CEO’S ADDRESS FY12 key achievements For personal use only DXS investor returns 12.2% 3.3% Total security holder return for year and outperformed Growth in distribution per security A-REIT index1 over 1, 3 and 5 years Capital Third party funds DXS Group Property portfolio management management Top qu
Slide 33: Strategic office acquisitions
CEO’S ADDRESS Strategic office acquisitions For personal use only 50 Carrington Street, Sydney 50 Carrington Street, Sydney 12 Creek Street, Brisbane — Acquired for $58.5 million ― Achieved early leasing success, prior to settlement ― Commenced $5.3 million capital expenditure repositioning progra
Slide 34: Total portfolio for the quarter to September 2012
CEO’S ADDRESS Total portfolio for the quarter to 30 September 2012 For personal use only Leased a total of 198,038 square metres1 across the DXS total portfolio 30 Sep 12 portfolio, in 87 transactions over the quarter Total number of properties3 107 1 Bligh Street now 93% committed Total NLA (sq
Slide 35: Capital management for the quarter to September 2012
CEO’S ADDRESS Capital management for the quarter to 30 September 2012 For personal use only Increased the diversity and duration of debt through issuance of $180 million of medium term notes Cost of debt at 6.0% Gearing at 29.3% Undrawn facilities of approximately $400 million On-market bu
Slide 36: 2013 outlook and guidance
CEO’S ADDRESS 2013 outlook and guidance For personal use only Solid progress and execution of revised strategy Strong leasing results in office and industrial portfolios High exposure to deal flow, on and off-market We are confident we have the scale, expertise and strategy to continue to gr
Slide 37: Discussion and Questions
DISCUSSION AND QUESTIONS For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 30
Slide 38: Written Questions
WRITTEN QUESTIONS For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 31
Slide 39: General Questions
GENERAL QUESTIONS TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 32 General Meeting — Slide 32 Annual
Slide 40: Formal Business
FORMAL BUSINESS TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 33 General Meeting — Slide 33 Annual
Slide 41: Resolution: Remuneration Report
RESOLUTION 1 For personal use only “That the Remuneration Report for the financial year ended 30 June 2012 be adopted” DEXUS Property Group 2012 Annual General Meeting — Slide 34
Slide 42: Voting for Resolution
VOTING FOR RESOLUTION 1 TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 35 General Meeting — Slide 35 Annual
Slide 43: Resolution
RESOLUTION 3 TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 36 General Meeting — Slide 36 Annual
Slide 44: Resolution 3.1
RESOLUTION 3.1 For personal use only “That approval is given for: a) the establishment of a plan, to be called the DEXUS Transitional Performance Rights Plan (‘Transitional Plan’) for the provision of incentives to senior executives whom the Board of DEXUS Funds Management Limited determines to be e
Slide 45: Voting for Resolution 3.1
VOTING FOR RESOLUTION 3.1 TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 38 General Meeting — Slide 38 Annual
Slide 46: Resolution 3.2
RESOLUTION 3.2 For personal use only “That approval is given for: a) the establishment of a plan, to be called the DEXUS Short Term Incentive Performance Rights Plan (‘STI Rights Plan’) for the provision of incentives to employees whom the Board of DEXUS Funds Management Limited determines to be eli
Slide 47: Voting for Resolution 3.2
VOTING FOR RESOLUTION 3.2 TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 40 General Meeting — Slide 40 Annual
Slide 48: Resolution
RESOLUTION 4 For personal use only “That approval is given for: a) the granting of 453,417 performance rights to Darren Steinberg under the Transitional Plan b) the transfer or allocation of DEXUS stapled securities to Darren Steinberg upon vesting of the performance rights” DEXUS Property Group 201
Slide 49: Voting for Resolution
VOTING FOR RESOLUTION 4 TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 42 General Meeting — Slide 42 Annual
Slide 50: Resolution
RESOLUTION 5 TITLE SLIDE HEADER Sub title (Trebuchet 18 pt) For personal use only Presenter title DXS 2009 DEXUS AnnualGroup Property Results — Slide 2012 43 General Meeting — Slide 43 Annual
Slide 51: Richard Sheppard
RICHARD SHEPPARD For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 44
Slide 52: Resolution 5.1
RESOLUTION 5.1 For personal use only “That the initial appointment of Richard Sheppard as a Director of DEXUS Funds Management Limited be ratified” DEXUS Property Group 2012 Annual General Meeting — Slide 45
Slide 53: Voting for Resolution 5.1
VOTING FOR RESOLUTION 5.1 For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 46
Slide 54: Chris Beare
CHRIS BEARE For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 47
Slide 55: Resolution 5.2
RESOLUTION 5.2 For personal use only “That the continued appointment of Chris Beare as a Director of DEXUS Funds Management Limited be ratified” DEXUS Property Group 2012 Annual General Meeting — Slide 48
Slide 56: Voting for Resolution 5.2
VOTING FOR RESOLUTION 5.2 For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 49
Slide 57: John Conde
JOHN CONDE For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 50
Slide 58: Resolution 5.3
RESOLUTION 5.3 For personal use only “That the continued appointment of John Conde as a Director of DEXUS Funds Management Limited be ratified” DEXUS Property Group 2012 Annual General Meeting — Slide 51
Slide 59: Voting for Resolution 5.3
VOTING FOR RESOLUTION 5.3 For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 52
Slide 60: Peter St George
PETER ST GEORGE For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 53
Slide 61: Resolution 5.4
RESOLUTION 5.4 For personal use only “That the continued appointment of Peter St George as a Director of DEXUS Funds Management Limited be ratified” DEXUS Property Group 2012 Annual General Meeting — Slide 54
Slide 62: Voting for Resolution 5.4
VOTING FOR RESOLUTION 5.4 For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 55
Slide 63: Resolution Results
RESOLUTION 1 RESULTS For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 56
Slide 64: Disclaimer
DISCLAIMER For personal use only This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX: DXS). It is not an offer of securities for subscription or sale and is not financial product advice. Information in this prese
Slide 65: Thank you for attending our Annual General Meeting
THANK YOU FOR ATTENDING OUR ANNUAL GENERAL MEETING For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 58
Slide 66: 2012 DEXUS Property Group Annual General Meeting
2012 DEXUS Property Group Annual General Meeting For personal use only DEXUS Property Group 2012 Annual General Meeting — Slide 59
DEXUS Property Group — Shareholder Meeting (November 2012) on 6ix